A special report is a financial report that deviates from the standard format of Generally Accepted Accounting Principles (GAAP). The purpose of special reports is to address specific information needs while maintaining professional standards. These reports can also be used to comply with contractual agreements or regulatory provisions that include certain sections, accounts, or items of a financial statement.
Often, a special report involves a major news story that has not been covered in the media and is significant to the public. Other times, a special report focuses on an in-depth topic that requires expert knowledge to cover. For example, a special report on drug development or the medical treatment of a disease may be published in a scientific journal.
The Hastings Center Report is a venue for the publication of results from research projects on topical bioethical issues. These publications include single-authored essays by members of the project working groups and lively discussions among them about their different moral conclusions about the projects’ central questions.
Another type of special report is a compliance report, which is used to indicate the auditor’s opinion on one or more specified elements, accounts, or items in the financial statements (see AT section 201, Agreed-Upon Procedures Engagements). This type of engagement is distinct from a regular financial statement audit and should be reported separately from the entity’s GAAP financial statements. An entity should consider adding an explanatory paragraph, including an appropriate title, to the special report (immediately following the opinion paragraph) that discusses this unique situation.
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